Asking-selling price gap narrows, says Rics

Private landlords looking to boost their property portfolios in the coming months should be aware that the gap between asking and selling prices is narrowing, it would seem.

According to a survey by the Royal Institution of Chartered Surveyors (Rics), 60 per cent of its members think that this is the case, while the average difference between the two prices in the UK market is reportedly 11 per cent.

Brigid O'Leary, senior economist at Rics, stated: "The improvement in sentiment that has been captured in recent housing market surveys is reflected in a narrowing in the gap between asking and selling prices."

This may have been a reference to Nationwide Building Society and Halifax's most recent house price indexes, which indicated that property values inflated in May.

In addition to the price of a property, private landlords need to consider property tax rates, and the Association of Residential Letting Agents has recently called these property professionals to be exempt from some levies.